Shares of BridgeBio Pharma Inc. BBIO, +5.84% plummeted 66.2% in premarket trading Monday, after the drug maker said a Phase 3 study of its acoramidis for the treatment of symptomatic transthyretin (TTR) amyloid cardiomyopathy (ATTR-CM) failed to meet its primary endpoint at Month 12. The company said the decline observed in both arms of the study was similar to expected functional decline in healthy elderly adults, and were also "substantially less" than declines observed in previous untreated arms reviewed by the company. The decline in the placebo group was more than 70% lower than the decline observed in the treatment group. "This result is disappointing and baffling," said BridgeBio Chief Executive Neil Kumar. "I am, along with many others, searching for answers regarding the 6MWD. The results do not appear to be due to a baseline imbalance." The stock, which was on track for the biggest one-day selloff since going public in June 2019, has dropped 42.9% this year through Thursday, while the iShares Biotechnology ETF IBB, +0.60% has gained 2.1% and the S&P 500 SPX, +0.62% has climbed 25.8%.
https://www.marketwatch.com/story/bridgebios-acoramidis-fails-to-meet-primary-endpoint-in-phase-3-attribute-cm-study-2021-12-27
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